Botswana Telecommunications Corporation Limited (BTCL), Botswana’s leading telecommunications and digital solutions provider, today announces audited financial results for the year ended 31 March 2026.
Revenue of P1.470 billion declined by only 1.6% in a year when Botswana’s economy contracted by 0.7%. Profit before tax of P146 million reflects deliberate investment in networks, spectrum, and digital services. The Board has declared a final dividend of 1.12 thebe per share, maintaining BTC’s unbroken record of dividend payments since listing in 2016.
Revenue holds ground as Botswana weathers a contracting economy
BTC reported revenue of P1.470 billion, a 1.6% decline from the prior-year figure of P1.493 billion. The result demonstrates the resilience of BTC’s essential connectivity services amid GDP contraction, weaker household spending, and continued pricing pressure on traditional telecommunications services.
Performance was strongest in the first half of the financial year, whenBTC recorded profit before tax of P148 million. In the second half, BTC broke even as operating conditions became more difficult, driven by continued pressure in the diamond sector, constrained consumer spending, and tighter government expenditure.
“We operated through the most challenging domestic economic environment in recent memory and our revenue fell by less than two percent. Connectivity proved itself to be resilient and essential. That tells me the foundation we are building on is sound.” Jürgen Peschel, Chief Executive Officer
P456 million committed to Botswana’s digital infrastructure
BTC invested P456million in property, plant and equipment and intangible assets during the year, representing a 57% increase in capital expenditure over the prior period and marking the largest investment cycle in BTC’s history as a listed company. This investment included a mobile network refresh covering 753 of BTC’smore than 800 sites, alongside the deployment of 5G technology and strategic spectrum acquisition.
BTC’s property, plant and equipment grew by P324million to P1.476billion, and total assets increased to P2.946billion from P2.795billion a direct reflection of assets placed into service for the benefit of Botswana’s digital economy.
“We chose to invest while the economy was contracting, because critical infrastructure cannot wait for perfect economic conditions. Through this investment, we have strengthened our network, secured strategic spectrum, and launched digital platforms that will supportrevenue growth for the next decade. Our modernised network is designed to be superior, competitive, and capable of delivering cutting-edge digital solutions for Botswana.” Jürgen Peschel, Chief Executive Officer
Cash generated from operations improves 23% to P358 million
Behind the headline profit movement lies a critical indicator of operational health: cash generated from operations improved by 23% to P358million, from P290million in the previous year. Net cash from operating activities rose to P161 million compared to P21million in FY2025, reflecting disciplined working capital management and strong cash conversion performance.
Interest income grew to P70million from P60million, reflecting BTC’s strong cash and investment position. The company maintained a robust balance sheet with total equity of P1.966billion.
BTC repositioned as Botswana’s digital services platform
BTC has executed a focused programme of product and platform expansion, marking one of the most ambitious innovation cycles in the company’s history. Key initiatives include:
Mobile subscribers reached 757,000 and grew by 30%, and broadband subscribers reached 29,000.
“In just twelve months, we launched 5G, increased our data capacity in our network by factor 5, deployed the greatest data reach across Botswana, developed prepaid fibre solutions, launched BTC Business, VoLTE, and eSIM, demonstrating the pace and scale of BTC’sinnovation. These launches are a testament to the agility of our teams and to a strategy executed under difficult economic conditions. The largest nationwide network upgrade and modernisation programme in Botswana is our most significant achievement, and it will position BTC as Botswana’s digital anchor for the next decade.” Jürgen Peschel, Chief Executive Officer
Smega mobile financial services surges 54% to 122,000 active users
BTC’s mobile financial services platform, Smega, grew its active user base by 54% to 122,000 users during the year, making it one of the fastest-growing fintech platforms in Botswana. The growth reflects the expansion of wallet features, a growing agent network, and deeper penetration across both urban and rural communities.
BTC is scaling Smega toward a single platform for financial and digital services, with the ambition to extend financial inclusion to communities that remain underserved by traditional banking.
Smega’s 54% growth in active users tells a story that goes beyond connectivity. We are becoming a financial services platform. 122,000 Batswana are using Smega to transact, pay, and access digital financial services. That is a fundamentally different business from what BTC was five years ago.” Jürgen Peschel, Chief Executive Officer
Board declares dividend, eleventh consecutive year of shareholder returns
The BTC Board has declared a final dividend of 1.12 thebe per share for the year ended 31 March 2026. Combined with the interim dividend of 5.15 thebe paid in January 2026, the total dividend for the year is 6.27 thebe per share, representing a payout ratio of approximately 64% of earnings per share.
The declaration represents BTC’s eleventh consecutive year of shareholder returns since listing on the Botswana Stock Exchange and reflects the Board’s confidence in BTC’s financial position and its ability to sustain returns through the investment cycle.
Positioned to convert Botswana’s economic recovery into revenue and returns
Botswana’s economy is projected to return to growth, with GDP growth of approximately 3.1% forecast for the current financial year as diamond output partially normalises, and a medium-term range of 3–5% as economic diversification continues (World Bank / Ministry of Finance).
BTC expects consumer spending to remain constrained in the near term, with recovery anticipated mainly in the latter part of the year. The company will focus on monetising its network, digital platform, and fintech investments to capture a disproportionate share of the recovering market, including the relaunch of its mobile brand with compelling unlimited-data propositions on a larger, faster network.
“Botswana’s economic recovery is not in question. The real question is who will be best positioned to capture that recovery when it comes.BTC has invested in a superior nationwide network, launched innovative products and services, and built the digital infrastructure Botswana needs for the future. As the economy recovers, we will convert these investments into revenue growth, improved margins, and sustained shareholder returns. FY2026 tested BTC’s resilience;FY2027 will demonstrate the value of what we have built.” Jürgen Peschel, Chief Executive Officer
Key Financial Summary
Financial Metric | FY2026 | FY2025 (Restated) | Change |
Revenue | P1.470 billion | P1.493 billion | −1.6% |
EBITDA | P343 million | P449 million | −24% |
EBITDA Margin | 23.3% | 30.1% | −6.8 pp |
Profit Before Tax | P146 million | P267 million | −45% |
Earnings Per Share | 10.79 thebe | 19.69 thebe | −45.2% |
Cash from Operations | P358 million | P290 million | +23% |
Total Capital Expenditure | P456 million | P296 million | +57% |
Total Assets | P2.946 billion | P2.795 billion | +5.4% |
Interim Dividend | 5.15 thebe | 3.59 thebe | — |
Final Dividend | 1.12 thebe | 10.83 thebe | — |
Total Dividend | 6.27 thebe | 14.42 thebe | 64% payout |
Subscriber metrics: Mobile 757,000 (+30%) | Broadband 29,000 | Smega active users 122,000 (+54%)
About Botswana Telecommunications Corporation Limited
Botswana Telecommunications Corporation Limited (BTC ) is Botswana’s leading telecommunications and digital services provider, listed on the Botswana Stock Exchange (BSE ticker: BTCL). BTC provides mobile, broadband, enterprise, and digital financial services to more than 750,000 customers across Botswana. The company has the largest retail shareholder base on the BSE, with more than 39,000 shareholders.
The Government of Botswana holds 54.16% of BTC’s issued share capital, through the Botswana Public Officers Pensions Administration (51%) and a direct 3.16% stake. BTC’s strategic intent is to grow revenue to BWP 2.1 billion and achieve a share price of P2.00 by 2029.
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